An easy-to-use AML solution that engages banks, credit unions and Money Services Businesses in compliance >
Heavy fines for non-compliance
Highly publicized fines imposed on banks and money services businesses (MSBs) for allowing criminals to use their institutions to launder money reinforces the importance of having a proper anti-money laundering (AML) program.
To help financial institutions comply and evolve as regulations tighten, Alessa offers an end-to-end AML solution that includes due diligence, sanctions screening, transaction monitoring and automated regulatory reporting.
The solution detects and reports suspicious activities, proactively resolve and identify high risks entities, screen transactions in real-time to reduce the risk of illicit activities – all without increasing the effort and staff to maintain compliance.
6 ways Alessa helps financial institutions with their AML program
Real-time risk intelligence during onboarding so you know who you are doing business with
Monitor all transactions to intercept suspicious activities for investigation
Real-time and periodic screening to detect high-risk entities and activities
Automated creation, validation and e-filing of SARs, CTRs, STRs for various jurisdictions
Realistic assessment of risks based on entity profile and activity that is configurable
Workflows and case management that engages the entire organization in compliance
Easier onboarding of customers
Alessa includes APIs for integration with onboarding systems to verify identities and search sanctions, politically exposed persons (PEPs), OFAC, and proprietary lists in real-time. Results are used to update the risk associated with an entity.
True picture of risks
Alessa leverages data from various sources to create a risk score. Risk factors and weights are all configurable by the organization to match their risk appetite and tolerance. Periodic reviews are managed by workflows and scores are updated based on the entities’ activities.
Monitor and screen every activity
Alessa monitors every transaction, including cash deposits, wires and checks, to detect suspicious activities. With this holistic view, any alerts are sent to the appropriate personnel for further investigation, remediation and reporting.
Machine learning and analytics
By learning from historical data, Alessa is able to detect suspicious deviations from normal behavior. Anomaly detection is also combined with rules-based analytics and entity risk scores to reduce false positives and prioritize investigations.
Learn from past decisions
Configure the system to learn how investigations are handled and then reapply those decisions to future alerts and cases. This highly configurable feature reduces workloads and repetitive decisions.
Eliminate tedious reporting
Alessa offers automated regulatory reporting for currency transaction reports (CTRs), suspicious activity reports (SARs) and suspicious transaction reports (STRs).
Reports are auto-populated, validated and electronically submitted to regulators across multiple jurisdictions, including FinCEN and FINTRAC. goAML is also supported.
MSBs: Get serious about AML compliance
Once upon a time MSBs like Western Union could be lax about fulfilling AML requirements. Oh, how times have changed.Read how MSBs can comply
De-risking: Changing the face of AML programs
De-risking minimizes a bank’s risk exposure but has significant implications for respondent banks that rely on their correspondent relationships to access international financial systems.Read about the impact
Western Union pays heavy price for fraud
The company has agreed to pay a whopping USD $586 million for failures in its AML compliance program that led to thousands of people falling victim to fraud.Read about the fines and penalties
Ready to use an AML solution that will evolve with you?
Learn why Alessa is easy to integrate with existing systems and grows with your AML program